Partners in the Total-operated Frontier Exploration Licence (FEL) 2/19, which contains the Avalon prospect offshore Ireland, have licensed multi-client 3D seismic data in an effort to identify possible exploration well locations.
FEL 2/19 is located in the Porcupine Basin, offshore Ireland and contains the undrilled Paleocene Avalon exploration prospect. The license is operated by Total (50%) on behalf of its partners, Providence Resources (40%), and Sosina Exploration (10%).
It is worth reminding that the licensing option 16/27 was converted into FEL 2/19 back in January this year.
On Monday, February 18 Providence informed that the JV partners had licensed c. 1,500 km2 of multi-client 3D (MC3D) seismic data over FEL 2/19 which forms part of the larger Crean 3D seismic survey which was acquired by TGS in 2017.
These new MC3D data should significantly improve the delineation of the Avalon prospect, together with facilitating any drill-decision on the prospect, Providence explained.
Commenting on the announcement, Dr John O’Sullivan, Technical Director at Providence, said: “These new 3D seismic data should greatly enhance our understanding of Avalon’s origins, resource potential as well as possible exploration well locations. The commitment of the JV Partners to license these data attest to the significant resource potential at Avalon. As these data are ‘off the shelf’, they should greatly reduce the cycle time to the drill-decision for the Avalon prospect.”
In the event that a decision is taken to drill an exploration well on Avalon, Total will pay 60% of the drilling costs, subject to a gross well cap of $42 million.